NAIROBI (CoinChapter.com) — The cryptocurrency market is alive with activity as Bitcoin (BTC), Binance Coin (BNB), and XRP take center stage. From Bitcoin’s battle to reclaim $100,000 to BNB’s bullish breakout and XRP’s whale-driven recovery, each asset tells a gripping story of the current market.
Bitcoin (BTC) Whales Hesitate as $100,000 Stays Out of Reach
Bitcoin is hovering around $95,700, unable to break through the elusive $100,000 mark. While the ongoing bull market is keeping optimism alive, whales—those with massive BTC holdings—are taking a cautious stance.
According to CryptoQuant analyst Onat Tütüncüler, increasing inflows of Bitcoin to exchanges could hint at future sell-offs, even though no immediate pressure has materialized.
Interestingly, the long-term picture tells a different story. Bitcoin reserves on exchanges have dropped to just 2.46 million BTC, the lowest in years. This decline began in November 2022 and has accelerated, with over 800,000 BTC flowing out of exchanges. Since Donald Trump’s recent U.S. presidential election win, an additional 171,000 BTC has been withdrawn. This suggests that investors are moving their holdings to cold storage rather than preparing to sell.
This trend is supported by Glassnode data, showing Bitcoin’s illiquid supply grew by 185,000 BTC last month. Illiquid supply, held in wallets with little movement, now makes up nearly 75% of Bitcoin’s circulating supply, hinting at tightening availability.
Crypto analyst Ali Martinez identified a head-and-shoulders pattern in Bitcoin’s recent movements, which could signal a short-term dip to $90,000 before a recovery. Despite this, many believe the asset’s parabolic rally is still intact, as highlighted by Rekt Capital.
Binance Coin Eyes $1,630 as Traders Double Down
Binance Coin (BNB) closed last week at $663, barely edging past the key $662 level identified by crypto analyst Ali Martinez. According to Martinez, breaking this level could pave the way for a potential climb to $1,630—a gain of over 110% from current prices.
Trading volume in BNB derivatives jumped 125%, reaching $4.42 billion, while open interest increased by 33% to $1.46 billion. These numbers reflect growing interest in the token, with traders increasingly taking long positions in anticipation of further price growth.
BNB’s upward movement has put it into price discovery, a phase where the market searches for new highs. If this momentum holds, BNB could be on track to hit Martinez’s ambitious target. Still, the market will need sustained buying interest and strong volume to keep the rally alive.
XRP Rebounds as Analysts and Whales Signal Optimism
XRP has shown strong resilience, bouncing back from a sharp drop to $1.89 on South Korean exchanges. The decline, driven by panic selling following martial law declarations, was quickly reversed. The token has now recovered and is trading at $2.64, reflecting renewed confidence among large holders and a promising outlook for its future performance.
Ripple investment products saw $95 million in inflows last week, the highest recorded. XRP’s 24-hour trading volume surged to $44.5 billion, indicating heightened activity.
Austin Reid, Head of Revenue and Business at FalconX, attributed the rally to institutional interest. “We’ve seen 10x growth in volume at FalconX between the first and second halves of Q4.
Analysts Set Bold Price Targets for XRP
Crypto analysts are projecting a bullish outlook for XRP. JayXRP2 predicts the token could soon climb to $3.19, while Mel_Senechal anticipates a rally to $5.30 during this bull run. Analyst EGRAG highlighted $2 as a potential new macro support level, replacing the previous $0.50 benchmark and creating a solid base for future growth.
EGRAG also pointed to the possibility of a historic year-end close for XRP, with the token already up 313% in 2024. Raoul Pal, a seasoned market expert, compared XRP’s current chart to the wedge pattern seen before the 2017 bull run, which led to a 5,600% surge. While Pal tempered expectations for a similar move, he suggested XRP could still reclaim its previous all-time high of $3.31 and possibly push beyond it.
Bitcoin, Binance Coin, and XRP are at the center of a fast-changing market. Bitcoin struggles with whale hesitation and regulatory uncertainty, BNB rides high on bullish momentum, and XRP shows the strength of institutional backing.
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